Market research is a vital process that every startup needs to undertake to understand their target market, assess competition, and develop effective marketing strategies.
It can go a long way in determining the success of a startup. In this article, we’ll explore the benefits of market research for startups, the challenges, and why the Lagos Startup Expo is a great place to start.
Benefits of market research for startups
Helps to identify customer needs
Market research provides startups with valuable insights into their target market, which helps them identify customer needs, preferences, and behaviour. It is crucial for startups to identify gaps in the market and tailor their products or services to meet the needs of their target audience.
As a startup, the information gotten from market research can help you develop products and services that meet customer expectations, resulting in higher customer satisfaction, retention, and loyalty.
For effective marketing and sales
Market research also plays a critical role in developing effective marketing and sales strategies. You get to understand your customers’ preferences and behaviour and can create…
Victor Olaniyan
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https://techpoint.africa/2023/04/05/startups-market-research-in-nigeria/
